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REGISTERED NUMBER: 04580768 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

R. C. Setchfield Limited

R. C. Setchfield Limited (Registered number: 04580768)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R. C. Setchfield Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R C Setchfield
Mrs H S Siddons





REGISTERED OFFICE: Unit 10
Withambrook Industrial Estate
Grantham
Lincolnshire
NG31 9ST





REGISTERED NUMBER: 04580768 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

R. C. Setchfield Limited (Registered number: 04580768)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 152,980 132,814

CURRENT ASSETS
Stocks 1,844,357 1,174,270
Debtors 5 194,097 283,574
Cash at bank and in hand 390,049 712,203
2,428,503 2,170,047
CREDITORS
Amounts falling due within one year 6 (509,646 ) (222,394 )
NET CURRENT ASSETS 1,918,857 1,947,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,071,837

2,080,467

PROVISIONS FOR LIABILITIES (27,849 ) (23,609 )
NET ASSETS 2,043,988 2,056,858

CAPITAL AND RESERVES
Called up share capital 7 100 50,000
Retained earnings 2,043,888 2,006,858
SHAREHOLDERS' FUNDS 2,043,988 2,056,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:





R C Setchfield - Director


R. C. Setchfield Limited (Registered number: 04580768)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

R. C. Setchfield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 16 ) .

R. C. Setchfield Limited (Registered number: 04580768)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor
improvements machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 34,682 158,740 224,238 417,660
Additions - 15,270 50,338 65,608
Disposals - - (51,638 ) (51,638 )
At 31 December 2023 34,682 174,010 222,938 431,630
DEPRECIATION
At 1 January 2023 34,682 123,297 126,867 284,846
Charge for year - 6,678 26,653 33,331
Eliminated on disposal - - (39,527 ) (39,527 )
At 31 December 2023 34,682 129,975 113,993 278,650
NET BOOK VALUE
At 31 December 2023 - 44,035 108,945 152,980
At 31 December 2022 - 35,443 97,371 132,814

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 179,838 270,765
Other debtors 14,259 12,809
194,097 283,574

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 340,296 61,013
Taxation and social security 46,254 112,977
Other creditors 123,096 48,404
509,646 222,394

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 50,000

8. ULTIMATE CONTROLLING PARTY

R C Setchfield and Mrs H Setchfield control the company by way of owning 60% of the issued share capital.